Item #03 Approval of Amendment to Irrevocable Standby Letter of Credit for Spring Lake ReserveSO %/
Ocoee
Florida
AGENDA ITEM COVER SHEET
Meeting Date: August 4, 2015
Item # a
Reviewed By
Contact Name: David A. Wheeler, P.E. Department Director:
Contact Number: 407 - 905 -3100, Ext. 1504 City Manager:
Subject: Amendment to Irrevocable Standby Letter of Credit for Spring Like Reserve (District
2 — Commissioner Rosemary Wilsen)
Background Summary:
The Spring Lake Reserve subdivision is currently under construction building the infrastructure and overall site
amenities for a 79 lot single family residential subdivision located on A.D. Mims Road across the street from the
Jim Beech Recreation Complex. As part of the platting process the developer is to furnish the City a surety in
the amount of 115% of the unconstructed improvements at the time of platting.
Mattamy Orlando LLC attempted to furnish the City with an Irrevocable Standby Letter of Credit for the surety at
the time of platting. However, the Letter of Credit did not show up prior to presenting the plat to the City
Commission for approval; so Mattamy Orlando, LLC furnished the City with a check in the amount of the surety
required. The Letter of Credit was never delivered to the City, so that it could replace the check. The check
was deposited into a separate account and the monies will be held until such time as the Certificate of
Completion is issued by the City and Mattamy Orlando, LLC furnished the City with the 2 -year warranty surety
in the amount of 10% of the constructed improvements.
The attached Amendment to the Irrevocable Standby Letter of Credit is to Cancel the original Letter of Credit.
This action is being requested by Well Fargo Bank, N.A., the Letter of Credit issuer.
Issue:
Should the City Commission accept the cancellation of the original Irrevocable Standby Letter of Credit?
Recommendations:
The Engineering Department recommends that the City Commission accept the cancellation of the original
Irrevocable Standby Letter of Credit and authorize the Mayor and City Clerk to execute the Amendment to
Irrevocable Standby Letter of Credit.
Attachments:
Amendment to Irrevocable Standby Letter of Credit
Financial Impact:
There is no financial impact to the City in executing the Amendment to Irrevocable Standby Letter of Credit
Type of Item:
(please mark with an x')
Public Hearing
Ordinance First Reading
Ordinance Second Reading
Resolution
Commission Approval
Discussion & Direction
For Clerk's Dept Use:
Consent Agenda
Public Hearing
Regular Agenda
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by ()
N/A
2
We1Ls Fargo Bank, N.A.
U.S. Trade Services
Standby Letters of Credit
401 N. P.esearc-h Pl(wy, ist Floor
MAC D4004 -017,
Winston- Salem, NC; 27101 -4157
Phone:1(800) 776 -3862 Option 2
E -Mail: sblc- nelti@wellsfargo.com
Amendment To
Irrevocable Standby Letter Of Credit
Number: IS0308241 U
Amendment Number: 001
Amend Date: July 3, 2015
BENEFICIARY
BOARD OF CITY COMMISSIONERS
OF OCOEE, FLORIDA
150 NORTH LAKESHORE DRIVE
OCOEE, FLORIDA 34761
APPLICANT(S)
MATTAMY JACKSONVILLE PARTNERSHIP
LADIES AND GENTLEMEN:
WE HEREBY AMEND THE ABOVE REFERENCED LETTER OF CREDIT ISSUED IN YOUR FAVOR TO BE IMMEDIATELY
CANCELLED. THIS AMENDMENT IS SUBJECT TO CONSENT BY THE BENEFICIARY. UPON OUR RECEIPT OF YOUR
CONSENT, AS INDICATED BELOW, THIS LETTER OF CREDIT SHALL BE CONSIDERED EXPIRED.
WE ARE IN RECEIPT OF THE ORIGINAL LETTER OF CREDIT.
PLEASE INDICATE YOUR DECISION TO ACCEPTOR REJECT THIS AMENDMENT AS REQUESTED BELOW. RETURN
SIGNED AMENDMENT TO OUR OFFICE IN THE PREPAID COURIER ENVELOPE THAT WE HAVE ENCLOSED FOR
YOUR CONVENIENCE.
THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF.
Very Truly Yours,
WELLS FARGP BOK N.A.
414
By
Authorized Signature
The original of this later of credit amendment contains an embossed seal over the authorized signature.
Together we'll go far
Each page of this document is an integral part
of this Irrevocable Standby Letter of Credit IS0308241 U, Amendment Number 001
Please direct any written correspondence or inquiries regarding this Letter of Credit, always quoting our
reference number, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services
at either 794 Davis Street, 2nd Floor
MAC A0283 -023,
San Leandro, CA 94577 -6922
or 401 N. Research Pkwy,1 st Floor
MAC D4004 -017,
WINSTON- SALEM, NC 27101 -4157
Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals
1- 800 - 798 -2815 Option 1 1 -800- 776 -3862 Option 2
(Hours of Operation: 8:00 a.m. PT to 5:00 p.m. PT) (Hours of Operation: 8:00 a.m. EST to 5:30 p.m. EST)
Consent to Amendment 001 on Standby Letter of Credit No. IS0308241 U is required to become effective.
Please date and sign below and return a copy via e-mail to standbylc @wellsfargo.com or return an
original signed copy to our office located at either.
794 Davis Street, 2nd Floor or 401 N. Research Pkwy,1 st Floor
MAC A0283 -023, MAC D4004 -017,
San Leandro, CA 94577 -6922 WINSTON- SALEM, NC 271 01 -41 57
or Fax to 415- 296 -8905. or Fax to 336- 735 -0950.
[7 Amendment accepted in its entirety . i : Amendment rejected in its entirety
Date
/ / Authorized Signature- BOARD OF CITY COMMISSIONERS
( ) Printed Name of Authorized Signer
Telephone Number
Together we'll go far
Page 2of2
Each page of this document is an integral part
of this Irrevocable Standby Letter of Credit 150308241 U, Amendment Number 001